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The 3Q trading update reported i) NAV per share of 655p and NAV of £1,155m, ii) a total NAV return per share of +4% since 30 June 2022 (+25p) and +22% since 31 December 2021 (+119p), iii) £46m in investments in 3Q, and iv) ca.£153m share of cash proceeds expected post period-end, in addition to period-end cash of £49m and credit facilities of £100m, against five-year fund commitments of £979m, not all of which are likely to be drawn. In 3Q’22, 76% of the increase in the portfolio's value was driven by EBITDA growth and 24% by multiple expansion, largely as a result of recent transactions. The 25p total return includes 12p of valuation gains and 11p of foreign exchange movements, with share buybacks adding 2p.
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